Lawyers’ Trust Accounts Board Helping to Secure Equal Access to Justice
Financial institutions eligible to maintain IOLTA accounts must be approved by the Supreme Court of Pennsylvania. To be approved, a financial institution must sign an agreement with the Court that it will report checks that are presented against insufficient funds on trust accounts, including IOLTA accounts, maintained by attorneys. It must also agree to pay a yield rate on IOLTA accounts that is comparable to the rate offered to other bank customers that are similarly situated.
Information concerning overdraft reporting and the bank approval process may be obtained from the Pennsylvania Lawyers Fund for Client Security, (800) 962-4618.